Analyst Mikybull Crypto highlighted a recent golden cross on Dogecoin's weekly chart, suggesting potential for significant price increase.
Golden Cross and Its Significance
The golden cross is a widely regarded bullish signal occurring when a short-term moving average crosses a long-term one. On Dogecoin's weekly chart, the 50-week MA has crossed above the 200-week one, indicating this event.
Dogecoin Price Movement After Golden Cross
Since the recent cross, Dogecoin's price has been in an uptrend. The meme coin trades around $0.4039, showing a 44.48% increase over the past day and 144.13% over the past week, according to CoinGecko. The chart shows consolidation within an ascending channel, with a rising trendline providing support during pullbacks.
Support and Resistance Levels
Dogecoin's price is structured within a channel bounded by support and resistance zones. The lower trendline acts as dynamic support, supporting price stability. The upper boundary serves as resistance. If Dogecoin's price breaks above this boundary, it could signal the start of a stronger rally.
The golden cross on Dogecoin's chart points to potential growth, consistent with historical data. Past price movements after such a signal provide a basis for optimistic forecasts.
